In fact, the assets that the Norwegian Government owns is about two-thirds oil and one-third government pension fund assets.
实际上,挪威政府所持有的资产中,大概有三分之二的石油,和三分之一的政府养老基金。
and it's an oil-based nation,
国家收入主要依靠石油。
I think that these countries are somewhat trying to manage this oil risk but they can't yet get onto the frontier.
我想这些国家或多或少,都试着控制石油风险,但他们根本无法达到有效边界。
It's not just that we need to reduce our indenpendence on foreign oil.
问题不仅仅在于我们需要,减少对国外石油资源的依赖。
Britain anyway started producing oil in the North Sea; lots of countries in Latin America started looking and finding oil, and of course, russian oil started being very, very profitable.
英国首先在北海开采石油,后来很多拉美国家也开始开采石油了,当然俄罗斯采油收入也是颇丰的
You're in OPEC.
因为你是石油输出国
He is born into a Levite family. The Levites will be priests in Israel, so he's born to a priestly family. He's hidden away for three months, and then he's placed in a wicker basket, which is lined with bitumen, a tar, and set among the bulrushes at the edge of the Nile River.
他出生于利未家庭,利未人都将在以色列做牧师,他出生于一个牧师家庭,他被藏了三个月,后来他被放在蒲草篮子中,上面涂了石漆和石油,搁在了尼罗河畔的芦荻中。
The oil futures market is very significant because it represents the price of energy on dates into the future.
石油期货市场对我们来说意义重大,因为它代表,未来的能源价格
Oil is a very important asset, ... so we want to compute what that-- so now we have lots of inputs.
石油是一种重要的资产,我们想计算-,现在我们有许多参数。
This portfolio, the minimum variance portfolio, is 9% oil, 27% stocks, and 64% bonds and most of the--many choices you can make.
这个最小方差的资产配置是9%的石油,27%的股票和64%的债券,而大部分。。。你可以有许多选择。
We would be then reaching to the EU, and saying: "Look, you got some oil, and you've also got possibilities of developing alternative sources of energy, We'll work with you.
我们主动和欧盟交谈,你们有石油资源,你们还有可能,开发可替代能源资源,我们想和你们合作。
And one of the best analogies you can think of is the oil rich nations of the world in post-World War Two, in the post-World War Two era, whether it's Saudi Arabia, Iraq and Iran, the Emirates, or Venezuela, name--today Russia.
做个非常恰当的类比,你们可以把棉花想象成,二战后时期的石油,想想沙特阿拉伯,伊拉克,伊朗,阿联酋,委内瑞拉,和今天的俄罗斯吧
It was caused by well partly by an oil price spike caused by the Saddam the war against Saddam Hussein.
它是由于,或者说部分由于,萨达姆导致的石油价格冲击引发的,那场对萨达姆。侯赛因的战争。
In my diagram, I said that the tangency portfolio-- I estimated that the tangency portfolio is 9% oil, 27% stocks, and 64% bonds.
在我的曲线图里我有提到切线资产组合-,我估算出切线资产组合是9%的石油,27%的股票和64%的债券。
You can blame it on other things like the oil crisis of 1979 nothing is completely simple.
你也可以将其归于另外的原因,比如说1979年的石油危机9,但是没有任何事是完全单纯的。
Oil is very important to the Russian economy and are they managing the risk well?
石油是俄罗斯经济的支柱,不过他们在风险管理上做得如何呢?
What you could do is, say, borrow $.50 on your $1 and put $1.50 into a portfolio, which consisted of 9% oil, 27% stocks, and 64% bonds.
你所做的就是,这么说吧,你用手上的1美元借来了50美分1,然后以这1。5美元购买投资组合,其中包含9%的石油,27%的股票和64%的债券。
We've just hit $100 barrel price of oil, but what does that mean?
石油价格已经到了100美元一桶,这意味着什么呢
I ended up in the newspaper the next day for having argued that they are way off on their investment opportunities because oil is such a volatile thing.
结果第二天的报纸就报导,我提出,他们在投资的选择上错得离谱,因为石油是易变的。
Where are we on this frontier regarding oil in the United States?
考虑到美国拥有的石油的话我们又在哪呢?
They've got so much of their assets tied up in oil.
而他们却把大部分的资产,都与石油联系在一起。
I have stocks, bonds, and oil but I want also to add one more final asset, we'll call it the riskless asset, long-term bonds are somewhat uncertain and variable because they're long-term.
有股票,债券和石油,我还想再增加最后一种资产,我们称之为无风险资产,由于长期债券持有期限很长,存在一定不确定性及风险。
I set up a theoretical framework here ... and I wanted to give you-- I mentioned oil because it seems to make it, to me, so clear what we're talking about here.
我建立了个理论框架,然后我想讲给你们听-,我之前提到石油是因为它适用于这个框架,非常清晰阐述我们所谈到的内容。
Where else? Oil is probably the classic example.
别的呢,石油产业也是个典型案例吧
It's 12% oil, 36% stocks, and 52% bonds.
是12%的石油,36%的股票,和52%的债券。
So, for example, at an annual expected return of 12% if I have a portfolio of stocks, bonds, and oil I can get a standard deviation of something like 8% on my portfolio.
例如,在年预期收益12%的情况下%,我有股票,债券和石油的投资组合,在这个组合里,我的投资组合可以取到8%的标准差。
They have 64% oil in their portfolio.
他们的投资组合里包含64%的石油。
We've seen the price of oil, lately, move all over the map. It went up to $100 recently and it was just as late as late 1990s that it was under $20 and people just don't know where it's going to go.
我们都能看到现在石油的价格,一路飙升,最近达到每桶一百美元,而在上世纪九十年代末,每桶石油还不到二十美元0,人们根本无法预想石油价格,还会飙升到什么地步。
Norway has a much smaller population than the UK and they have a lot of oil up there in the North Sea.
挪威的人口比英国的要少得多,而且他们在北海拥有大量的石油。
Middle east oil is critical to the rise of India and China, and in that sense it's very much part of the economic process.
中东石油,对于中印的崛起非常关键,因此它是东南亚经济发展的,重大保障。
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